For those you who have succeeded in starting your business and are now ready to take your business to the next level but need a few ideas and tips on how to grow your business. Starting or running your own business can be one of the best decisions you make in life, but it can also lead to some tough and stressful situations, and make you take some decisions.
“It is no easy task but with the right support and a smart approach, the dream of scaling up your venture from start-up to successful business is in reach. If you want to be in business 10 years down the line, you must have a deep understanding of your business, the market it operates in and a great team to support.”- Virgin Founder Richard Branson; plan for the long-term, stick to your founding principles, gather a great team, and get the right support.
Fortunately, there are a number of ways to take your business to new heights without sacrificing your business’s profitability or losing your peace of mind. If you hold an executive position, going down the entrepreneurship path, or you have already started a business, here are few ideas to help you take your business to the next level.
There are many potential paths a business can take to achieve growth, and each business needs to analyse and assess at its own business model and determine its own path. Choosing to adopt one or more of the ideas below will depend on the type of business you own, available resources, cashflow, and time you are willing to invest in your business.
- Open a branch and location.
- Franchise your business.
- Collaborate with other local business and promote your products and services.
- License your service or branded product.
- Form alliances with similar types of business’s.
- Look for ways to increase sales to existing customers.
- One person operators should consider looking for temporary assistance.
- Learn to delegate.
- Optimize collaboration and teamwork.
- Expand your product line to offer complementary products or services.
- Place more emphasis and training on customer service.
- Expand your target market.
- Strive for excellence throughout your business.
- Make sure you have fun and never lose sight of reality.
- Evaluate your vision, mission and goals; and adjust your business plan if required.
- Repackage and find new ways to sell your product.
- Accept failures and part of the growth path and learning process.
- Study market leaders and lose your ego and analyze your competition.
- Hire carefully and slowly; but be ready to fire quickly.
- Bid for government jobs and tenders.
- Invest more time and energy in developing your referral sources.
- Merge or acquire businesses offering complementary services.
- Commit to continuous learning and advance your knowledge.
- Identify and correct “system” bottlenecks.
- Go global.
- Create a website and maximize exposure with social media.As a business owner you need to inspire, developed lead by example.